Regulatory Reporting – Dealing with Change
BASEL III, CRD IV, COREP, FINREP, BoE reports – the list is seemingly endless and, regardless of size or resource, all UK Building Societies have to comply with the specific demands of submission dates, report formats, data validations and auditability.
ALMIS has helped more than 40 firms deal effectively with the burden and complexity of regulatory reporting.
ALMIS’ Feedback to Regulators
Our recent presentation to PRA supervisors, requested on behalf of firms, a single point of accurate validation rules to reduce instances of re-submissions. We also highlighted the interpretation differences and the need for more clarification.
Benefits of an Integrated System
Automation of reports and use of the same data sources for management information is a key objective for both regulators and firms. Societies that demonstrate synergy and joined up thinking in their approach are in the best position to take maximum advantage of the favourable interest margins and prove their competence to regulators.
With the rapid approach of the first FINREP submissions (with some clients asked to submit ahead of time), together with the new taxonomy 2.1 (including asset encumbrance reporting), finance departments must effectively combine their finance teams with technology such as ALMIS.